Form 4: Dillard's Executive Vice President Acquires Company Stock in Open Market Transaction

Mike Dillard, Executive Vice President and Director of Dillard's, Inc., reported the acquisition of 15 shares of Common Class A stock at a price of $416.79 per share.

Summary

• Mike Dillard, an Executive Vice President and Director at Dillard's, Inc. (DDS), acquired 15 shares of Common Class A stock.
• The transaction occurred on May 27, 2025, with each share purchased at a price of $416.79.
• Following this acquisition, Mr. Dillard directly beneficially owns 536,834 shares of Common Class A stock.
• Additionally, 88 shares of Common Class A are held directly in a Retirement Plan.
• Mr. Dillard indirectly beneficially owns 41,496 shares of Common Class A through W.D. Company, Inc., where he holds a 26.3% ownership interest and serves as a director and officer.
• W.D. Company, Inc. also holds 3,985,776 shares of Class B Common Stock, convertible one-for-one into Class A Common Stock.
• An additional 7,300 shares of Common Class A are indirectly beneficially owned by Mr. Dillard as a Trustee of GST Trust.
• The reporting person disclaims beneficial ownership of the indirectly held shares, except to the extent of his pecuniary interest therein.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as an insider (Executive Vice President and Director) has acquired shares, which typically signals confidence in the company's value and future prospects. While the number of shares is small relative to total holdings, it's still an acquisition.

Positives

• An insider acquisition of company stock, even a small amount, can signal management's confidence in the company's future prospects and valuation.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading plan designed to satisfy affirmative defense conditions against insider trading allegations.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• Mike Dillard, Executive Vice President, reported the acquisition of 15 shares of Common Class A stock, indicating a personal investment in the company's equity.

Industry Context

Dillard's, Inc. operates in the highly competitive retail department store sector. Insider transactions like this provide a glimpse into management's confidence, which can be a factor for investors considering the company's position within the broader retail industry trends.

Related Party Transactions

• Mike Dillard's indirect beneficial ownership includes shares held by W.D. Company, Inc., in which he owns 26.3% and serves as a director and officer, and shares held by GST Trust, where he is a Trustee. These represent related party holdings.

Stakeholder Impact

• Shareholders may view the insider purchase as a positive signal, potentially reinforcing confidence in the company's stock performance and management's alignment with shareholder interests.

Key Dates

Keywords

Dillard's, DDS, SEC Form 4, Insider Trading, Stock Acquisition, Executive Compensation, Retail, Beneficial Ownership